Exchange of goods and services with money are happening in every business. An entrepreneur must be aware, if he is making profit or loss. Maintaining accounts of all transaction is very much important in daily business. It is also required for audit and Govt. taxation purpose. Banks need audited information while evaluating loan proposals. Therefore, it is very much important to learn about accounts to become successful.
After going this lesson, you will be able to:
- define good accounting practices
- explain estimate, quotation, and balance sheet